Fozia Azam

A groundbreaking policy proposal, termed the "Zero Time to Start" policy, has been submitted to the federal cabinet for final approval in a bid to expedite business initiatives and promote a favorable investment climate in Pakistan. This initiative underscores the government's commitment to cutting red tape that has traditionally hindered business launches, Zulfiqar Ali, Director General Pakistan Regulatory Modernization Initiative (PRMI) at the Board of Investment, told WealthPK. “Under the proposed policy, aspiring entrepreneurs and business entities will witness significant reduction in the time required to start their ventures,” he added. “The policy aims to eliminate unnecessary bureaucratic delays and focus on a more agile and efficient system for securing licenses, permits, and approvals,” he added. By simplifying the administrative process, prospective business owners can swiftly navigate the red-tape maze, thereby boosting entrepreneurship and attracting investments, he said.

He said that launching and starting businesses promptly is crucial to economic growth. It also draws in both domestic and foreign investments and reduces the lead time required to get a business operational. The proposed policy seeks to create a more conducive environment for investment. The "Zero Time to Start" policy envisions the creation of a comprehensive single-window clearance mechanism, designed to eliminate the need for businesses to approach multiple government departments for approvals. Rather than navigating individual bureaucracies, the business owners will now interact with a centralized authority responsible for expediting various regulatory processes. This streamlined approach will not only save time but also enhance transparency and reduce opportunities for undue delays or corruption.

Another key feature of the proposed policy is the harmonization of regulatory procedures across different government entities. By implementing common frameworks and standards, businesses can eliminate duplication of effort and repetitive requirements. This ensures that they only need to comply with the necessary regulations once, further expediting the process of starting and scaling commercial ventures. The policy aligns with Pakistan's broader efforts to improve its ranking on the World Bank's Ease of Doing Business Index. This policy intervention will mark a significant step toward creating a competitive business ecosystem that rewards innovation and boosts economic growth.

In the Ease of Doing Business Index (2020), Pakistan is considerably behind peer economies, ranking 108 out of 190. In the regulatory area of Starting a Business, Pakistan ranked 72 out of 190 countries. Experts believe that the submission of the policy proposal to the federal cabinet represents a remarkable stride towards accelerating business initiatives, fostering investment, and enhancing the ease of doing business in Pakistan. If approved, this policy has the potential to transform the entrepreneurial landscape by minimizing bureaucratic obstacles, harmonizing regulatory procedures, and expediting the launch of new businesses. By building a more agile and investor-friendly ecosystem, Pakistan aims to invigorate economic growth, attract investments, and cultivate a culture of entrepreneurship across the nation.

Credit: INP-WealthPk